First post, hello, I am an aspiring hemp farmer from upstate NY. (my 60 acre outdoor/12,000sqft indoor permit for the family farm with its own water sources comes next month if all goes to plan)
I’m not sure how many of you are aware but there is a hemp action at a hotel in queens next to LaGuardia on the 7th. I will be attending to observe and report back to this forum in this thread. I plan on taking tons of photos and videos and just generally being as respectfully nosy as I can be in order to sponge up as much information on the live hemp marketplace as possible.
https://www.eventbrite.com/e/ca-exchange-nyc-tickets-82612655677
I could have told you the auction in Tn was going to be a disaster before it even went down. Overproduction is obviously the 800 pound gorilla affecting price, but they did very little advertisement, very poorly executed. Obviously on a shoe string budget. I imagine in 2019 most hemp lots are sold on kush.com… hemp is a highly variable commodity at this stage which requires inspection before purchase but it’s easy to post COAs in your kush.com listing and legal to ship samples to anyone interested. You don’t need to sell your hemp in an IRL auction setting, why would a buyer waste a trip when they can shop the best of the best from the comfort of their couch? That’s the way almost ALL products are sold in 2019, not just hemp. I imagine this creates a phenomenon where the only people going to hemp auctions are people who have product they couldn’t move in other venues for whatever reason (not internet savvy, not good at sales in general, low grade product nobody wants). Buyers at these auction aren’t looking to pay top dollar they could do that online easily they go to these auctions to low ball and bottom feed, THATS WHAT ALL AUCTIONS ARE FOR ASIDE FROM LUXURY AUCTIONS. Think about it, you go to an auto or estate auction to pick stuff up for less than what it’s worth, not fair market value. I feel like the NYC auction could be a lot better or it could be just as much of a let down, we’ll see.
But you know what… I see the price bouncing back a little in the future:) Price dropped end of second quarter because some credit card companies stopped processing hemp orders and the FDA put the kibosh on CBD in food… FOR THE TIME BEING.
Let me ask you this extremely important question: What do you think is going to happen to the price of hemp when the credit card companies see the light and the FDA approves CBD in food and most importantly beverages next year or the year after? NY is basically just waiting on the FDA to start making alchoholic CBD beverages on a massive scale. Keep in mind hemp has been federally legal for less than a year and the CBD food and beverage industry is in its infancy. I’m not saying it’s going to be hemp gold rush 2.0 like 2017 but I would be shocked if prices didn’t bounce back a little when the FDA approves CBD in food and the CC companies lighten up. Of course it will go back down after that but there will be a jump when it happens.
But… I’m hoping by then NY will have legalized adult use and I will have seamlessly converted my hemp permit to an adult use permit (they are already showing signs they will allow hemp farms to convert, they already let hemp farms sell to our otherwise vertically integrated medical dispensaries). I hope by then I’ll be making a fortune selling heirloom midzotics within the closed NY state adult use market (from my assumed lack of federal legalization at that point). The NYC cannabis market is the holy grail. 30 million people in the metro area not to mention the weed tourism from Europe that will explode. NYC has the highest per capita rate of cannabis users in the world. And every last one of them will have to buy weed grown on NY farms until federal legalization:) Those who set up early and go big in the NYC rec market will make insane fortunes. Best cannabis market in the word with no competition from outside the state:) Right now there are only 500 permitted hemp farms in NY. Hemp might be nose diving into being just another ag crop but the cannabis play in NY is get your hemp farm dialed and all your finances in order over the next year or two, make those industry connection (hopefully I’ll see you all in Hawaii) and knock that motherfucker out of the park when legalization hits.